Canadian Dollar Morning Update March 3, 2016
USD/CAD Open: 1.3463-1.3464 Overnight Range: 1.3404-1.3473
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $34.42 and gold is at $1,242. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3477. Support is at 1.3383.
The Canadian dollar has traded narrowly, consolidating just below Tuesday’s multi-month highs. Risk appetite in FX is higher, as AUD and MXN are two of the day’s top performers. Risk-on has not been a benefactor for CAD this morning in the same fashion it usually is, largely due to monetary policy considerations. Markets expectations of a Bank of Canada rate cut have dwindled, while the re-pricing of the Fed 2016 rate hike outlook looks to be a strong possibility, given relatively strong economic performance. The next few weeks carry substantial event risk: BoC March 9, Fed March 16, and Canadian Federal Budget March 22.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | March 3, 2016 | Daily Update |
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